Real Money

SHANGHAI, April 3, 2014/PRNewswire/ -- 51job, Inc. ("51job") (Nasdaq: JOBS) today announced the pricing of US$150 million in aggregate principal amount of 3.25% convertible senior notes due 2019 (the "notes"). 51job has granted to the initial purchasers a 30-day option to purchase up to an additional US$22.5 million in aggregate principal amount of notes. The offering is expected to close on April 9, 2014, subject to the satisfaction of customary closing conditions.

The notes will be convertible into 51job's American depositary shares ("ADSs"), each representing, as of the date of this press release, two common shares of 51job, at an initial conversion rate of 11.6976 ADSs per US$1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$85.49 per ADS), which represents an approximately 25% conversion premium over the last reported sale price of US$68.39 per ADS on the Nasdaq Global Select Market on April 3, 2014. Upon conversion, 51job will, at its election, pay or deliver, as the case may be, cash, ADSs or a combination of cash and ADSs. The notes will bear interest at a rate of 3.25% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2014. The notes will mature on April 15, 2019. Subject to certain exceptions, the notes may not be redeemed by 51job. Holders will have the right to require 51job to repurchase the notes on April 15, 2017 or upon the occurrence of a fundamental change.

51job expects to use a portion of the net proceeds from this offering to pay the aggregate premium of the zero-strike call option transactions (the "call options") with one or more of the initial purchasers or their affiliates ("option counterparties"). 51job intends to use the remaining net proceeds for general corporate purposes, including working capital needs and potential acquisitions of complementary businesses.